主讲人Speaker: Michael T. Chng 教授 西交利物浦大学
时间Date & Time: 2025年12月4日（周四），10:00--11:30
地点Venue:粤海校区汇星楼M1教室
内容简介/ Abstract:
Do environmental courts (EC) incentivize firms to reduce their environmental impact? Our model shows varied firm responses to EC. We describe a firm's environmental social cost as an expected loss from climate litigation risk, which escalates post-EC. Firms hedge by reducing output, and heavier polluters reduce more. This holds for small price-taking firms. But larger firms with market power raise prices to reduce less output, despite being heavier polluters. Empirically, we measure firms' hedging by their reduced return sensitivity to climate policy news. The results align with the model: small firms show reduced sensitivity, and the effect intensifies monotonically from high to low ESG portfolio. In contrast, larger firms with low ESG scores show weak or insignificant hedges, suggesting the EC has limited impact on larger polluters.
主讲人介绍/Biography of the speaker：
Michael T. Chng is a Professor of Finance at the International Business School Suzhou (IBSS) at Xian-Jiaotong Liverpool University (XJTLU). He received his PhD from the Department of Finance, University of Melbourne. Michael has published in the Journal of Econometrics and Journal of Business and Economic Statistics. In his younger days, Michael has published single-authored papers that appear in the Journal of Banking and Finance, Journal of Business Finance and Accounting and Journal of Futures Markets. He has received best paper awards and honorary mentions from various conferences, including AsianFA, Australasian Banking and Finance Meeting, Financial Management Association (U.S), Asia-Pacific Association of Derivatives (Korea), and International Conference on Futures and Derivative Markets (China). Michael has served two terms as Associate Dean for Research, during which IBSS elevated from having no accreditation to become the youngest business school in history to achieve triple-crown accreditation. For 20 years, Michael has consistently achieved above-average teaching evaluation scores.
